xRapid – Ripple’s cryptocurrency product for cross-border payments – goes live with three financial firms. Despite the announcement, XRP’s price failed to react.
Ripple’s cryptocurrency product for cross-border payments was announced at the annual Swell Conference.
Speaking on the matter, Ripple’s senior vice president of product Asheesh Birla, said:
I’m really excited to bring the product into the market at a time when there is a lot of skeptcism about digital assets and their real use case. Here’s something where we’re finding a ton of value and providing a ton of value to our customers using digital assets to move money more efficiently.
The product is going to be used by payment providers Cuallix, Mercury FX, and the cooperative financial company Catalyst Corporate Federal Credit Union. Purportedly, the launch of xRapid is a critical milestone for the project’s roadmap, as it marks the very first time XRP will be used in commercial applications by existing financial services companies.
According to the CEO of the company, Brad Garlinghouse, XRP will be used by “dozens” of banks by year-end as xRapid is mainly targeting banks transferring money into emerging markets.
xRapid is a tool which is purportedly intended to act as a “bridge” between currencies. It allows payment providers, as well as banks, to process cross-border transactions faster.
Anti-Climatic Price Action
Despite the much-awaited launch, XRP’s price has failed to react. In fact, XRP is trading in the red for the last 24 hours, marking a slight three percent decrease.
Regardless, XRP remains one of the top performers for the last month. In the past 30 days, its price has surged with over 80 percent. The cryptocurrency even briefly unseated Ether as the second largest digital currency earlier last week in anticipation for xRapid’s launch. This puts it in the driver’s seat for the month, as both ETH and BTC are down from their monthly peaks.
What do you think of Ripple’s new product xRapid? Don’t hesitate to let us know in the comments below!
Images courtesy of ShutterStock